Commodities outlook: oil and gold
What are the projections for the oil and gold prices? Let's discover that in the review for commodities.
USD/CAD : falls after jobs report but runs into wall of USD buying
Information is not investment advice
Ichimoku Kinko Hyo
CAD/JPY: The pair is trading above the cloud. An upward pressure would lead the pair to exit further the cloud, confirming a bullish outlook.
Fibonacci Levels
XAU/USD: Gold facing a further weakness the last hours and trading near 23.6% retracement area.
US Market View
U.S. stocks are set to build on Thursday’s record closes at the opening, with quiet bond markets largely unruffled by the gradual reopening of the economy. Crude oil prices continue to drift sideways against a backdrop of rising supply and some uncertainty over whether demand is recovering fast enough to absorb it.
March inflation data out of China confirmed the start of a widely-expected increase in prices, measured in annual terms. PPI rose 4.4% on the year, the fastest increase since July 2018 and well ahead of expectations, while CPI rebounded to 0.4% on the year from -0.2% in February.
Europe’s sluggish vaccination campaign is showing signs of picking up at last. German Health Minister Jens Spahn tweeted that Europe’s largest economy had distributed 1.375 million vaccine shots in the last two days alone, something that reflects the fact that Germany only this week started allowing general practitioners' surgeries to vaccinate against Covid-19.
USA Key Point
- Canada March employment +303.1K vs +100.0K expected.
- The NZD is the strongest and the JPY is the weakest.
- Treasury yields keep higher, US futures mixed ahead of North American trading.
- Merkel talks with state leaders on Monday has been cancelled.
- Gold bounce stalls at short-term resistance.
- German health minister warns that current infection numbers yet to reflect actual virus situation.
- Dollar gains kept in-check so far on the session.
- ECB's de Guindos: Downside risks have materialised, Q1 was worse than initially expected.
Gerasimos Papagiannis
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Commodities outlook: oil and gold
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